Nimrod Sea Assets has been informed that a winding-up application has been filed in Singapore in respect of Swiber Holdings Limited. The application was filed by the Board of Directors of Swiber Holdings Limited on 27 July 2016 and provisional liquidators have been appointed.
The Company owns a 26% share in Bukit Timah Offshore DIS which is the Norwegian partnership which owns the “Swiber Else-Marie”, “Swiber Anne-Christine” and “Swiber Mary-Ann”. These vessels are chartered to an affiliate of Swiber Holdings Limited and Swiber Holdings Limited is the guarantor of the charterer. The vessels are mortgaged to United Overseas Bank Ltd.
The Company’s investment in Bukhit Timah Offshore DIS had a fair value of USD 5,796,425 as at 31 March 2016. The Directors believe that, in light of the winding-up proceedings in respect of Swiber Holdings Limited, it is now unlikely that the Company will recover anything from this investment and it should, accordingly, be fully written down.
NSA : Nimrod Sea Assets says Swiber Holdings in liquidation